Ming Pao published an article stating that in addition to India, since the Russian army invaded Ukraine, many countries around the world have turned to food protectionism, including Indonesia, which banned the export of palm oil at the end of last month. Some experts have warned that the blockade of food exports by countries may further exacerbate inflation and famine. Research from IFPRI pointed out that labor restrictions under the new crown epidemic and dry weather before the Russian army invaded Ukraine had already pushed up international food prices. After the war began, 23 countries turned to food protectionism. In order to cope with rising domestic food prices and inflation, Russia has restricted the export of wheat and sunflower oil, and Ukraine has also banned the export of staple grains such as wheat and oats to ensure domestic food security during the war. IFPRI warns that 17 percent of the world’s export-restricted food is currently traded in calories, reaching the level of the 2007-2008 food and energy crisis. (See IFPRI blog post, From bad to worse: How Russia-Ukraine war-related export restrictions exacerbate global food insecurity)
Since the Ukrainian War, multi-country food protectionism may further exacerbate inflation and famine (Ming Pao)
May 15, 2022